https://www.taxtmi.com/caselaws?id=121307 Reopening under section 147 was upheld because the assessee had not shown full and true disclosure of material facts, so the extended bar on reassessment did not apply. Deduction under section 36(1)(viii) was allowed for lease rental income, and deduction under section 36(1)(viia)(c) was also allowed where a reserve had been created in place of a provision, subject to the statutory conditions. The two deductions were held to operate on separate computational bases, but the matter on correct working was remanded for fresh determination. A further opportunity to cure the shortfall in the required provision or reserve was rejected. en-us Fri, 17 Jul 2009 00:00:00 +0530 Sat, 28 Jul 2012 12:25:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121307 Reopening under section 147 was upheld because the assessee had not shown full and true disclosure of material facts, so the extended bar on reassessment did not apply. Deduction under section 36(1)(viii) was allowed for lease rental income, and deduction under section 36(1)(viia)(c) was also allowed where a reserve had been created in place of a provision, subject to the statutory conditions. The two deductions were held to operate on separate computational bases, but the matter on correct working was remanded for fresh determination. A further opportunity to cure the shortfall in the required provision or reserve was rejected. Case-Laws Income Tax Fri, 17 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121307